Recapitalisation: Akwa Ibom State Govt injects N9.6bn into Anchor insurance
MD/CEO, Anchor Insurance Company Limited, Ebose Augustine
*Targets N10bn premium income in 2020
The Akwa Ibom State government has injected the sum of N9.6 billion into Anchor Insurance Company Limited to meet its new capital threshold as mandated by the National Insurance Commission (NAICOM).
The Managing Director/Chief Executive Officer, Ebose Augustine disclosed this at the company’s interactive session with insurance journalists in Lagos recently.
He said Akwa Ibom State Government which own 61 per cent stake in the company has through right issues, injected N9.6 billion to the firm, stressing that the company hopes to raise its capital to N11.6 billion in post recapitalisation.
Ebose also said the company has set a N10 billion premium income target for this year.
On the firm’s performance in 2019,he said the firm grew its premium income to N5 billion, stressing that to achieve the set target for 2020, the firm has concluded plans to increase its branch network across the country; leverage the use of technology to sell its products and improve on its agency system to reach esteemed customers.
Ebose said the firm is poised to play big in post recapitalization, adding that the company has so far achieved about 85 per cent of the new minimum capital required to remain afloat during post recapitalisation.
The Anchor Insurance boss said the firm paid N1.3 billion claims in 2019, stating that the firm has automated its claims system making it possible for claimants to access their claims without coming to the firm.
According to him, the firm has marshaled plans on how to deploy its post recapitalisation funds to enable it remain top in the sphere of underwriting business.
Source: inspenonline
